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Selectapension targets workplace schemes members

The pension and investment software provider is currently talking to different companies, so they will include the free pension tool in their websites.

Peter Bradshaw, national accounts director at Selectapension, told FTAdviser that people need to “start thinking about their pension contributions”.

Customers can use the free tool by entering some information in the Pension Monster.

From that, the system creates a tailored report giving an overview of options, how much savers need to save to reach their retirement goals, and product suggestions from a variety of providers.

Since workplace schemes have normally large member numbers, having more of these companies on board will also help the provider’s goal of having 100,000 online visits within two years, Mr Bradshaw said.

Fulfilling this goal will depend, however, on how many more websites Selectapension can get to feature the tool, he added.

Currently, the only corporate schemes that are using the guidance tool are the employer clients of Secondsight, the employee benefits division of Foster Denovo.

Mr Bradshaw said Pension Monster was an important part of the redesign of its employee engagement and financial education portal.

The average user of the service is 47-years-old, with a pension of £167,000, suggesting the service has broader appeal than was first expected by Selectapension bosses.

The site was originally aimed at those with smaller pension pots.

The average UK pension pot is just £50,000.

The most popular features of the tool are a budget planner, state pension information and information on existing pensions and investment.

According to Mr Bradshaw, Pension Monster benefits both consumer and adviser, as the report produced can complement the advice process, allowing the adviser to determine the appropriate service to offer and saving time.